RESP is Registered Education Saving Plan, an instrument to assist you with planning the future of your children.
The government facilitates education till high school years, but after high school you will have to manage their education.University Education is expensive and you need to plan judiciously for that.To help parents prepare and plan, the government introduced some incentives help parents save for their child's education.The first step to that help is that the government gives you is a grant of 20% on every dollar saved for the child's education to a maximum of $7200.
Saving plan can be started for as low as $25 and gradually increased the saving amount as the income grows. This can be greatly beneficial to the newcomer migrants, young family etc.
The government also provides extra grants to low income families, and if you are a new immigrant and settling down, you may qualify for the same, and you should avail the opportunity to obtain the extra grant.
For any further assistance contact me at me (204) 230-4131. I will be delighted to discuss and assist you with your plan.